Chinese electric car start-ups Nio and Xpeng have decided to shift their focus to a lower-priced segment of the market by introducing newly branded cars this year. Nio’s CEO William Li disclosed that the company’s first mass-market car will be an SUV that is more affordable than Tesla’s Model Y, which starts at 249,900 yuan
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The first quarter of 2023 marked a significant turnaround for South Korean memory chipmaker SK Hynix, as the company reported a net profit of 1.92 trillion South Korean won ($1.39 billion). This positive income comes after a string of losses totaling 2.58 trillion won in the same period a year ago. The shift in financial
Employee Stock Purchase Plans (ESPPs) are a common benefit offered by publicly traded companies, allowing employees to purchase company shares at a discounted price. While this benefit can be lucrative, it is crucial to understand the rules and risks associated with ESPPs before enrolling in your company’s plan. Key Considerations Before Participating Financial experts recommend
Kering, the French luxury group behind brands like Gucci and Yves Saint Laurent, has been facing a challenging time in the luxury market. The company recently issued a warning that it expects a significant decline in first-half profits, leading to a sharp drop in its stock price. This can be attributed to waning demand for
Rising for the third consecutive week, mortgage rates reached their highest levels since November, causing a 2.7% drop in mortgage application demand compared to the previous week. This decrease in demand can be attributed to the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rising to 7.24% from 7.13%. Applications to
Despite facing challenges due to decreasing demand for its Covid-19 products, Swiss pharmaceutical company Roche managed to report a modest uptick in first-quarter sales. The company’s sales increased by 2% at constant exchange rates, driven by the strong demand for its newer medicines and diagnostics. Excluding Covid-19 products, sales saw an even more significant increase
The prevalence of weight loss and diabetes drugs, specifically GLP-1s, has been a topic of concern due to their impact on consumer behavior. A recent survey conducted by Morgan Stanley reveals that individuals using GLP-1 drugs are experiencing changes in their spending habits, particularly in relation to food consumption. The survey indicates that a significant
Artificial intelligence has made a significant impact on the investing landscape since the introduction of ChatGPT in November 2022. Investors have shown great interest in AI-related technologies as they search for the next big winners. In 2023, the Magnificent Seven, including Tesla, Amazon, Meta Platforms, Apple, Microsoft, Alphabet, and Nvidia, played a major role in
Series I bonds have been offering investors an annual interest rate of 5.27% on new purchases made before May 1. However, experts are predicting a potential decrease in this rate to around 4.27% due to factors such as inflation. Despite this anticipated decline, investors still have the opportunity to secure the current 5.27% rate for
Federal Reserve Bank of Chicago President Austan Goolsbee recently commented on the challenges of reaching 2% inflation by 2024. Despite the Federal Reserve’s stated target of 2% inflation, reaching this goal has proven to be more difficult than anticipated. Inflation has decreased from its pandemic-era peak of 9.1%, but it remains stubbornly above the target.